FDIC TO SEIZE WAMU AND SELL ASSETS TO JP MORGAN [Brokered by government]

CNBC | 7-25-8 | Lawrence Kudlow CNBC

[Petronski]

Just heard live.

JP Morgan investor call tonight 9:30

[BurbankKarl]

all of it?

WSJ The U.S. government has brokered a deal for J.P. Morgan to acquire the deposits and some branches of Washington Mutual, according to people familiar with the matter. The deal won’t impact the FDIC insurance fund.

[johniegrad]

Here’s a good one. This week I got a credit card application from WAMU and an invitation to subscribe to the New York Times.

[CougarGA7]

I love Irony.

[Petronski]

JP Morgan acquiring deposits, some branches of WaMu.

Government brokered deal.

[Petronski]

Not all of it, just deposits.

Please change headline to JP MORGAN BUYS DEPOSITS OF WAMU [Brokered by government]

[Nervous Tick]

How can this possibly be? The markets are all stove up, there is zero liquidity in the system, the bailout has stalled, and we’re doomed. Doomed!

I heard on good authority from a FReeper on another thread that the market will be down a THOUSAND points tomorrow!

:-)

[Petronski]

JP Morgan up 10% on deal.

WaMu down 12%.

[devere]

JPM got 29 billion of government money to buy Bear. I wonder how much they were bribed to buy WaMu?

[Petronski]

Since they’re buying just the assets (my headline needs repair), there’s no word yet on where the liabilities went.

[LibertyRocks]

Does anyone know if this includes any of WAMU’s mortgage “branches” or whatever the proper word would be?

[dynachrome]

“no word yet on where the liabilities went’

Check your tax burden a year from now.

[Truthsearcher]

Chapter 11?

[Petronski]

Details are sketchy. All that is known right now is that “some WAMU branches” are included.

[nanetteclaret]

AIG is still running television commercials, as of last night.

[TomGuy]

JP Morgan acquiring deposits, some branches of WaMu.

Government brokered deal.

What has been happening with the failed banks is similar:

Another financial institution gets the deposits at cents on the dollar, while the FED (aka, taxpayers) eventually get the liabilities.

It will be interesting to see if we find out what price JPM paid for those WaMu deposits, and what those deposits are worth.

[CougarGA7]

How can this possibly be? The markets are all stove up, there is zero liquidity in the system, the bailout has stalled, and we’re doomed. Doomed!

I heard on good authority from a FReeper on another thread that the market will be down a THOUSAND points tomorrow!

:-)

WHAT!!! Darnnit that means my ping was almost too late!
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NOW WITH A THEME SONG!!

Man! That was close.

[bereanway]

JPM and Goldman are pretty much the government. Before this is all over they’ll own most of the retail and investment banking industries.

[Enchante]

re: liabilities

maybe the deal’s contingent upon the federal govt. buying up all the liabilities....

[ken21]

now that morgan’s not a renegade financial institution,

but a bank,

they need some offices.

california has a lot of wamu’s.

si.